For this episode of the Auto Remarketing Podcast, we turn to the commercial consignor community. Chatting with Cherokee Media Group president Bill Zadeits this week is Paul Seger, who is executive vice president of asset remarketing at Element Fleet and president of the International Automotive Remarketers Alliance. To listen to this episode, click on the link […] [Read More]

Have a 2001 model that still looks sharp, runs nicely and remains a great option to attach F&I products? Now dealers that use GWC Warranty have that option among a host of other potential ways to generate finance-office revenue. This week, GWC Warranty looked to modify its product lines so dealers have more options in connection […] [Read More]

Sonic Automotive’s line of standalone used-car stores proved to be a major bright spot during the second quarter, as EchoPark Automotive notched a 52% year-over-year hike in segment income, the retailer said Thursday in its Q2 earnings release. Saying such a gain underscores “the leverage and profit potential of this model,” Sonic and EchoPark president […] [Read More]

Within days of announcing plans to change leadership at the top of the company, Cox Automotive also is making significant adjustments to other parts of its North American workforce. According to an update from a Cox Automotive spokesperson sent on Auto Remarketing on Thursday, the company eliminated approximately 1,600 positions across the United States and […] [Read More]

This week, the footprint of the Sewell Automotive Companies in the Lone Star State became even larger thanks to involvement by the Presidio Group. According to a news release from the investment bank specializing in retail automotive and related M&A transactions, Park Place Dealerships completed the sale of Jaguar North Austin and Land Rover North […] [Read More]

Canadian online auto retailer Clutch announced a $7 million seed financing round led by Real Ventures. Announced last week, the round also included BrandProject, FJ Labs, Azure Capital Partners and Global Founders Capital. The new funds are intended to help Clutch scale the business in its existing markets and add to its team. Real Ventures managing […] [Read More]

Ally Financial and Santander Consumer USA are just two examples of what Cox Automotive chief economist Jonathan Smoke said finance companies have been doing for the past four months amid the coronavirus pandemic. Smoke said underwriting has tightened since April. Perhaps a reversal is not likely any time soon since the Labor Department reported on Thursday […] [Read More]

ADESA utilized its Simulcast+ digital auction platform last week to host a 22-site online sale on behalf of The Hertz Corp., selling cars digitally to buyers in 19 states during this single digital auction event. The Simulcast+ platform, which ADESA first began using in April, is a new digital auction platform designed to simulate a […] [Read More]

There’s a new general manager at Greater Milwaukee Auto Auction. It was announced earlier this week that hired for the role is Veronica Kireem, whose 25 years in automotive has included time in corporate, dealership and auction roles. That experience also includes leadership posts in new-vehicle sales, licensing and finance. “Her background and leadership abilities […] [Read More]

Like it was for many retailers in the automotive space, it was a challenging second quarter and first half for Penske Automotive Group’s Used Vehicle SuperCenters due to the COVID-19 pandemic. But some bright spots emerged for these stores toward the end of Q2, according to a rundown of quarterly results released by the retailer on […] [Read More]